NEW YORK, NY--(Marketwire - November 14, 2007) - Daxor Corporation (
AMEX:
DXR), a medical
instrumentation and biotechnology company, today announced third quarter
earnings for 2007. For the quarter ended September 30, 2007 total operating
revenues decreased by 16.8% to $349,547 from $420,140 for the same period
in 2006. The major reason for the decrease in operating revenues was that
no instruments were sold during the current quarter and one Blood Volume
Analyzer was sold during the quarter ended September 30, 2006. For the
quarter ended September 30, 2007 costs and expenses increased by 15.3% to $
1,918,386 from $ 1,663,524 in 2006.
For the nine months ended September 30, 2007 total operating revenues
increased by 21.6% to $1,400,747 from $1,151,608 for the same period in
2006. The major reason for the increase in operating revenues was the sale
of five Blood Volume Analyzers in the nine months ended September 30, 2007
versus a sale of two instruments for the nine months ended September 30,
2006. For the nine months ended September 30, 2007 costs and expenses
increased by 4.2% to $5,409,714 from $5,192,717 in 2006.
The increase in sales revenue from Blood Volume Analyzers can be directly
attributed to the increased focus on securing purchase agreements from
customers who have clinical trial agreements. The company engages in
clinical trial agreements to allow customers to begin utilization of the
instrument and to become familiar with the clinical benefit of a measured
blood volume prior to the purchase of the instrument. Two of the five units
sold during the first nine months of 2007 were purchased without a trial
period. There were 55 Blood Volume Analyzers placed at September 30, 2007
versus 44 instruments at September 30, 2006.
At September 30, 2007, the Company had total assets of $82,774,691 and
stockholders' equity of $51,871,218 versus total assets of $78,166,312 and
$45,637,792 of stockholders' equity at December 31, 2006. In the first
nine months of 2007 the company had significant income from investments
which helped offset operating losses. The company is continuing to
increase its research and development efforts as it works on the next
generation Blood Volume Analyzer, Isotope Tracer Delivery Device and other
products that are complementary to its current product line.
The build out of two 10,000 square foot buildings in Oak Ridge, Tennessee
owned by the Company commenced in the beginning of July after the Company
received the necessary state and local permits and licenses. The Company
moved in to the buildings during the first week of October 2007.
Three Months Ended Nine Months Ended
September 30 September 30
2007 2006 2007 2006
----------- ----------- ----------- -----------
Total Operating
Revenues $ 349,547 $ 420,140 $ 1,400,747 $ 1,151,608
Total Costs &
Expenses $ 1,918,386 $ 1,663,524 $ 5,409,714 $ 5,192,717
----------- ----------- ----------- -----------
Net Loss from
Operations $(1,568,839) $(1,243,384) $(4,008,967) $(4,041,109)
Total Other Income $ 3,524,442 $ 315,592 $11,364,479 $ 3,208,655
----------- ----------- ----------- -----------
Net Income (Loss) $ 1,955,603 $ (927,792) $ 7,355,512 $ (832,454)
----------- ----------- ----------- -----------
Weighted Average
Number of Shares
Outstanding 4,578,485 4,623,493 4,591,563 4,627,848
Earnings (Loss)
Per Share $ 0.43 $ (0.20) $ 1.60 $ (0.18)
Contact Information: Contact Information:
Daxor Corporation
Stephen Feldschuh
212-330-8515
(Chief Operating Officer)
stephen@daxor.com
David Frankel
212-330-8504
(Chief Financial Officer)
dfrankel@daxor.com